Galaxy Digital (TSX:GLXY) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


TSX:GLXY Galaxy Digital Inc TSX:GLXY
38 GF Score
Price C$28.26
! 5 Warning Signs
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What is Galaxy Digital Beneish M-Score?

Galaxy Digital TSX:GLXY 38 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates TSX:GLXY with a GF Score™ of 38/100. The stock has 5 warning signs investors should review. Among 702 Capital Markets companies, Galaxy Digital ranks worse than 142450% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Galaxy Digital's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Galaxy Digital was -1.23. The lowest was -1550354.89. And the median was -186.57.

Galaxy Digital Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Galaxy Digital's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Galaxy Digital Beneish M-Score Chart

Galaxy Digital Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 -186.57 -1.23

Galaxy Digital Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1,550,354.89 -129.02 -230.58 -1.23 0.00

TSX:GLXY vs MARA, PIPR, BGC: Beneish M-Score Comparison

For the Capital Markets subindustry, Galaxy Digital's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Galaxy Digital Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Galaxy Digital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Galaxy Digital's Beneish M-Score falls into.


TSX:GLXY
38GF Score
Galaxy Digital Inc TSX:GLXY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Galaxy Digital Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Galaxy Digital for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was C$1,918 Mil.
Revenue was 13776.861 + 14301.409 + 39291.148 + 11838.613 = C$79,208 Mil.
Gross Profit was -100.996 + -63.245 + 17.335 + -61.44 = C$-208 Mil.
Total Current Assets was C$9,523 Mil.
Total Assets was C$13,709 Mil.
Property, Plant and Equipment(Net PPE) was C$2,439 Mil.
Depreciation, Depletion and Amortization(DDA) was C$38 Mil.
Selling, General, & Admin. Expense(SGA) was C$251 Mil.
Total Current Liabilities was C$5,604 Mil.
Long-Term Debt & Capital Lease Obligation was C$3,678 Mil.
Net Income was -296.779 + -537.932 + 987.09 + 35.449 = C$188 Mil.
Non Operating Income was -389.234 + -435.832 + -272.177 + -344.036 = C$-1,441 Mil.
Cash Flow from Operations was -114.355 + -1481.009 + 591.623 + 232.187 = C$-772 Mil.
 Total Receivables was C$0 Mil.
Revenue was 18628.641 + 22521.306 + 11609.812 + 12174.002 = C$64,934 Mil.
Gross Profit was -54.042 + -54.288 + -41.104 + -28.169 = C$-178 Mil.
Total Current Assets was C$0 Mil.
Total Assets was C$0 Mil.
Property, Plant and Equipment(Net PPE) was C$0 Mil.
Depreciation, Depletion and Amortization(DDA) was C$18 Mil.
Selling, General, & Admin. Expense(SGA) was C$573 Mil.
Total Current Liabilities was C$0 Mil.
Long-Term Debt & Capital Lease Obligation was C$0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1918.477 / 79208.031) / (0 / 64933.761)
=0.024221 / 0
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(-177.603 / 64933.761) / (-208.346 / 79208.031)
=-0.002735 / -0.00263
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (9522.522 + 2439.214) / 13708.998) / (1 - (0.001 + 0) / 0.001)
=0.127454 / 0
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=79208.031 / 64933.761
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(18.107 / (18.107 + 0)) / (37.543 / (37.543 + 2439.214))
=1 / 0.015158
=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(250.619 / 79208.031) / (572.934 / 64933.761)
=0.003164 / 0.008823
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((3678.413 + 5604.473) / 13708.998) / ((0 + 0) / 0.001)
=0.677138 / 0
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(187.828 - -1441.279 - -771.554) / 13708.998
=0.175116

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Galaxy Digital (TSX:GLXY) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Galaxy Digital and its competitors. According to the industry distribution chart, Galaxy Digital ranks #999999 out of 702 companies in the Capital Markets industry.
Is Galaxy Digital's Beneish M-Score too high?
Galaxy Digital's current Beneish M-Score is 0.00. Based on the distribution chart, Galaxy Digital ranks #999999 out of 702 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Galaxy Digital has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does Galaxy Digital's Beneish M-Score compare to MARA and PIPR?
According to the Capital Markets industry distribution chart, Galaxy Digital ranks #999999 out of 702 companies for Beneish M-Score. This places Galaxy Digital in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Galaxy Digital and its competitors. Galaxy Digital's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Galaxy Digital stock overvalued right now?
Galaxy Digital (TSX:GLXY) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Galaxy Digital's overall GF Score™ is 38/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Galaxy Digital (TSX:GLXY), the current Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Galaxy Digital Business Description

Address 300 Vesey Street, New York, NY, USA, 10282
Galaxy Digital Inc is engaged in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Its digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. The company invests in and operates cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. It has three operating business segments, Digital Assets and Data Centers, along with a Treasury & Corporate segment.
38GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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